Fear of collapse in property prices after Purchase
Unlike equity cycles, housing cycles are much longer. If you have bought a house in a good upcoming area keeping all the parameters in mind, short term turnaround of the cycle should not make you panic; especially when it is meant for actual use and not investment. It usually yields you good returns in the long run.
Remember do not wait to buy a Real Estate, buy a Real Estate and then wait.
Fear of paying more
We are living in the age of information, aren’t we? It is so much easier now to compare the prices of your dream home with the prevalent market prices. If you are a person who cannot assert well, bargain well or choose good inventory; do not fret – have a negotiator on your side (In most cases a good consultant is also a savvy negotiator) on the day you finally decide to crack the deal.
Assuming low savings/funds unavailability for down payment as a deterrent.
Assuming low savings/funds unavailability for down payment as a deterrent.
Where there is a Will, there is a Way
Stop assuming and connect to a banker to know your home loan eligibility. These days there are so many different schemes run by builders to woo the customers, that one of them may just fit you. Speak to your banker, consultant to know different ways in which you can garner funds for your dream home and create a life time asset for yourself and your next generation.
Fear of leverage and servicing it for a longer horizon
It is important to feel safe and secure even while you are servicing the loan. To make sure that you feel safe, it is important to take a loan whose EMI burden you can easily manage even in rainy days. Please do not over stretch yourself and exhaust the complete loan eligibility amount that is sanctioned by the bank. No doubt you will have to keep a tab on your expenses, however if your income is recurring and your loan amount is within your servicing limits, there is no reason for you to unnecessary worry about it. (Mind you, there are income tax benefits as well and if well planned – both the owner and the co-owners can use it efficiently.)
Previous bitter experiences with developer
Until the advent of RERA, the housing sector was rife with irregularities, cheating and mis-selling. Our parents and elders had to face the brunt of it and in the process have burnt their hard earned money. However, with a stringent MahaRERA regulation actively in place (within a year of its enactment, RERA authorities have passed many landmark orders in favour of home buyers), a lot more transparency, accountability and responsibility have come into this sector.
Fear of getting stuck in chain transaction
In a chain transaction, one has to first sell the existing flat, use the proceeds of this transaction to fund the purchase of the new house. It could be a little tricky if you want to exactly time your sell and purchase. Don’t try to time it, because usually the whole process becomes painful if a piece of the transaction falls apart. If you want to play safe, first sell your house and keep the money generated in some safe investment. In the interim period shift to rental apartment and take time to finalise your dream home.
Unknown fears
Many times it is difficult to pinpoint a reason for our worry, reluctance to buy a house. Address your worries by speaking to a consultant and a banker and get clarity over your house purchase.
Subconscious fear of the whole house hunting process /Fear of going wrong in buying the perfect house
House hunting could be a very painful, time consuming and gruelling process if you plan to do all by yourself. This is, firstly, because you need to personally make all the site visits, secondly keep a lot of parameters in mind while doing the site visits, third is to ask all the relevant questions and gather all the information pertaining to it and lastly but most importantly come home and make comparison between all the site visits done and meticulously do all the number crunching.
When there is so much on the plate to handle, alongside your job or business; there are many chances that you miss out, sometimes miss certain parameters or sometimes just overlook important parameters.
Moreover when the whole onus is on you, you tend to spend months and sometimes even years only doing multiple site visits and, thereby, missing the bus.
Understand that one person cannot be master of all trades. You surely understand the nerves of your job/business better than the rest – in the same way a Real estate consultant knows his job to perfection.
Appoint a well-qualified and professional consultant; discuss your requirements, financial ability with him very candidly and allow him to search homes that fit your requirements; while you sit back, relax and just do the most important job of playing Devil’s advocate while narrowing down the list.
Housing Kafe is a new age broking house, where the focal point is the client and not Sale.
So if you are searching for your Dream house? Then we’re your dream merchants. With our domain expertise, thorough research, hands-on information, accurate insights and great decision-making skills we help you to fulfil your dream seamlessly.
